Deficit Dips in New Fiscal Year

WASHINGTON—The federal budget deficit narrowed in the first two months of the new fiscal year as government coffers continued to benefit from rising tax revenue.

The U.S. government's deficit for October and November totaled $226.82 billion, down 22% from the $292.11 billion shortfall during the same period a year earlier, the Treasury Department said Wednesday in its monthly report. The 2014 fiscal year started on Oct. 1.